State budget 2023: MVR 738m allocated for housing schemes

A budget of MVR 737.6 million has been allocated for housing projects undertaken by the government, in the state budget proposed for the upcoming year.

Minister of Finance Ibrahim Ameer submitted the proposed state budget for 2023, during a sitting of the People’s Majlis on Monday.

As such, a total of MVR 285.9 million has been allocated for housing schemes inclusive of projects to build new housing units in different islands as well as the equity contribution for the project to build 6,000 housing units in Hulhumalé through ‘Fahi Dhiriulhun Corporation Limited’.

In addition to this, a total of MVR 31.8 billion has also been allocated under the Affordable Housing Project through a Saudi-funded loan, in the budget as well as a MVR 193.1 million fund for several housing projects being carried out across different islands.

Minister Ameer revealed that the incumbent administration has initiated several housing projects spanning the archipelago nation, in a bid to solve the issues and challenges facing the citizens due to housing needs.

The minister went on to reveal that MVR 2.5 billion has been allocated to initiate housing projects across the entire country over the course of the next three years.

Highlighting that the land ownership and flat ownership schemes were launched in a bid to provide solutions for the citizens of Maldives facing housing issues due to lack of space and congestion which is a long-drawn out issue in the country, the minister noted that the project to build 6,000 housing units in the Greater Malé Region has commenced.

The project is being carried out through ‘Fahi Dhiriulhun Corporation Limited’.

The minister also revealed that the work to build more than 2,500 housing units in outlying atolls, is also underway.

Further, a project to reclaim land in Gulhifalhu has also been included for the state budget proposed for the upcoming year.

As such, MVR 291.8 million is to be funded through the loan in order to carry out the second phase of the project to reclaim land in Gulhifalhu.

In his presidential address, delivered during the inaugural sitting of the People’s Majlis this year, President Ibrahim Mohamed Solih pledged to provide land to permanent residents of the capital city in crucial need of housing by the end of his tenure, as promised.

As such, the president noted that the government will be reclaiming Giraavaru lagoon and will provide 2,000 plots of land to Malé permanent residents and that the Giraavaru lagoon will be connected to the Thilamalé bridge.

Minister of National Planning, Housing and Infrastructure Mohamed Aslam had earlier revealed that the government intends to issue more plots of land through the Gulhifalhu land use plan. He noted that 3,000 plots of land will be issued from Gulhifalhu and Hulhumalé. 149 hectares of land will be issued from Gulhifalhu.